For a single country to influence the price of some good in the global market:
A. it must be considered a price taker.
B. the country must be large relative to other nations in the world
C. the quantity it produces and consumes must be small relative to the total amount of that good bought and sold worldwide.
D. the quantity it produces and consumes must be large relative to the total amount of that good bought and sold worldwide.
Answer: D
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The value of one more unit of a good or service is its marginal benefit
Indicate whether the statement is true or false
Your mother tells you, "Watching ten hours of TV per day will make you stupid." This is a positive statement because: a. your mother says it with a positive tone in her voice. b. it is your mother's opinion
c. it is a proposition that can be tested. d. your mother is only thinking of your best interest.
Figure 9.4 represents the market for used 12 megapixel digital cameras. Suppose buyers are willing to pay $400 for a plum (high-quality) used digital camera and $200 for a lemon (low-quality) used digital camera. If buyers believe that 50% of used digital cameras in the market are lemons (low quality), how many plums (high quality) will be supplied by sellers?
A. 50 B. 60 C. 150 D. 200
Which of the following products is most likely to be sold in a monopolistically competitive market?
A) fast food B) automobile C) wheat D) electricity